Madoff Properties to Hit Market Soon

By: Diane Tuman, Zillow Content Manager | August 5, 2009

Three U.S. homes of convicted Ponzi-schemer Bernie Madoff and his wife, Ruth, will be put on the market soon, with the proceeds going to Bernie Madoff's victims, according to CNN.com.

The real estate includes:

a 3,000 sq ft Montauk beach house feds feel is worth $7 million
a waterfront Palm Beach getaway that has a hoped-for $7.5 takeaway, and
a Manhattan penthouse on the Upper East Side, pegged at $7-$8 million

Other assets the Madoffs own that have been seized by authorities include Bernie's 55-foot yacht "the Bull" and a vacation home on the French Riviera (Côte d'Azur). The yacht is said to be worth $1.5 million and the Cote d'Azur vacation home was already sold for $1.48 million.

Taken all together, experts feel the four pieces of real estate, plus the boat, will net around $25-$30 million - a far cry from the $50 billion in investor losses.

While Bernie is in North Carolina, beginning his 150-year term, his wife, Ruth, must report to a bankruptcy trustee whenever she spends more than $100 on herself.

Here's a look at the Madoff homes:

Montauk home:
216 Old Montauk Hwy, Montauk, NY 11954